C. Balance off the accounts in the ledger and extract a trial balance

March 1 Started business with $100,000 in the bank. 2 The owner introduced his own Motor Car Valued at $80,000 to the business 3 Received a cheque representing a loan from Bay Bank for $125,000. 3 Bought equipment by cheque $25,000. 3 Paid a cheque for $60,000 to cover the costs of goods bought for resale. 5 Goods sold for cash $50,000. 5 We purchased an office desk on credit from S&L Office Supplies $82,500. 6 Sold goods on credit to Jupiter Enterprises $62,500. 7 Bought goods on credit from Maxwell Designers $46,000. 8 Sold goods on credit to Bailey's Dress Shop $48,500 10 Paid cash of $10,000 for stationery 12 Returned defective goods to Maxwell Designers which costs $3,000. 14 Bought goods on credit from Star Creations $16,250. 14 Sold goods to Dreams Department Store receiving a cheque for $62,500. 16 Jupiter Enterprises settled their account with cash receiving a discount of 5%. 17 Deposited cash of $36,000 in the business bank account. 18 Maxine's Dress shop returned merchandise bought on June 9; valuing $2,700. 19 Paid Maxwell Designers $40,000 in full settlement of the balance outstanding by Cheque; having received a discount of $3,000. 20 The owner paid S&L Office Supplies $42,500 from personal funds. 22 The owner of Belles Retail Store took merchandise for his personal use valuing $12,000. 25 Paid wages by cash $52,000. 27 Paid rent $22,000 by cheque. 27 Paid water rates $15,000 by cash. 27 Paid electricity $30,000 by cheque